DTN Midday Grain Comments 06/13 10:50

DTN Midday Grain Comments 06/13 10:50 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 5 to 10 cents higher at midday Tuesday; soybean futures are 29 to 33 cents higher; wheat futures are 1 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 10 cents higher at midday Tuesday; soybean futures are 29 to 33 cents higher; wheat futures are 1 to 9 cents higher. The U.S. stock market is firmer with the S&P up 30. The dollar index is 50 points lower. Interest rate products are weaker. Energies are firmer with crude 2.25 higher and natural gas up .07. Livestock trade is mostly lower. Precious metals are mixed with gold off 7.50. CORN: Corn futures are 5 to 10 cents higher with December action leading again. Trade pressed through the $5.50 area overnight with early weakness turning to buying as crop conditions declined and traders watch future forecasts along with outside market tailwinds this morning. Ethanol margins are narrowing a bit with the corn strength as unleaded works to bounce off the lower end of the range after the Monday weakness. The daily wire remained quiet. Basis continues to hold a softer tone with most users bidding off December at this point. The second crop in Brazil continues to head toward the home stretch with little fresh, short-term weather news. Weekly crop progress showed good to excellent at 61%, off 3 percentage points on the week with 8% poor to very poor, with 93% emerged versus 87% on average. On the December chart we have support at the 20-day moving average at $5.23 with the Upper Bollinger Band at $5.52, which we have pressed through this morning. SOYBEANS: Soybean futures are 29 to 33 cents higher at midday with firmer spread action as we continue to consolidate further past the $12.00 area on the November contract. Broad product strength and crop progress readings are adding support. Meal is $5.00 to $6.00 higher, and oil is 100 to 110 points higher. Basis will likely remain a little softer with most buyers rolling to the back months. Planting should be on the homestretch nationally with the weekly report showing good to excellent at 59%, off 3 percentage points, and poor to very poor at 9%, with 96% planted versus 86% on average, and 86% emerged versus 70% on average. Better rains are needed to catch the crop up. November chart support is the 20-day moving average at $11.85, which we closed solidly above with the Upper Bollinger Band above the market at $12.22, which we are solidly above at midday. WHEAT: Wheat futures are 1 to 9 cents higher at midday with Chicago action still leading in bigger volume again Tuesday with harvest to keep pressing forward this week. Rains will likely slow Plains harvest a bit in the short term, while spring wheat will see some holes in coverage. The U.S. dollar is just off the recent highs, with Matif wheat mixed so far. Weekly crop progress showed 89% headed versus 88% on average, and 8% harvested versus 9% last year, with 38% good to excellent and 31% poor to very poor, 2 percentage points better on the week. Spring wheat is 97% planted, same as average, and 90% emerged versus 87% on average; good to excellent at 60%, off 4 percentage points with poor to very poor at 7%. On the KC July chart, the $8.00 area remains resistance, with the lower Bollinger band at $7.58 as support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.